Samsung Coin Expected To Run on Ethereum Blockchain, Rumors Say

Samsung, the South Korean electronics giant whose Galaxy S10 smartphone will be blockchain supported, with the ability to store cryptocurrency private keys and other features, is developing its own blockchain and may issue their own cryptocurrency.

According to reports from CoinDesk Korea, a person familiar with Samsung’s internal operations said that the company’s blockchain/wireless division is building a blockchain mainnet based on Ethereum.

Per the report, the source said:

“Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid – that is, a combination of public and private blockchains.”

Samsung Coin Rumored to Run on Ethereum

According to the source, once Samsung completes development of their blockchain, they may press on to develop a “Samsung Coin”:

“The market expects Samsung Coin to come out, but the direction has not yet been decided.”

There are still a lot of unknowns regarding Samsung’s blockchain developments and plans to launch their own cryptocurrency.

But if what the source says is true, and Samsung’s blockchain is a combination of private and public blockchains, we could eventually see “Samsung Coin” publicly traded on cryptocurrency exchanges, just like Bitcoin (BTC) and Ethereum (ETH).

Samsung’s Blockchain Development

Samsung’s blockchain/wireless division has been in active development for at least a year now and is purportedly working on a number of blockchain-related projects, according to the source.

For now, the only confirmed blockchain-based project is Samsung’s flagship cellphone, the Galaxy S10, which supports blockchain-based digital signatures and can store cryptocurrency private keys. Currently, it’s only known that Samsung’s official cryptocurrency wallet is compatible with Ether (ETH) and Ethereum-based ERC20 tokens.

As for known supported decentralized applications (dapps), the Galaxy S10 will come shipped with the crypto gaming platform Enjin, beauty community Cosmee, the popular CryptoKitties collectibles platform, and merchant payments service CoinDuck.

Do you think Samsung will build their blockchain on top of Ethereum? Let us know what you think in the comment section below.

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